While the deadline for Treating Customers Fairly (TCF) has now passed, TCF should continue to be an important area of focus to ensure dividends are paid from the efforts that have been made to improving outcomes for consumers.
It has been made clear that conduct risks continue to remain a strong focus and a high priority within its Retail Strategy, with the FSA stating that TCF is to be an, ‘enduring feature of the regulatory regime’ . This is supported by the FSA’s commitment to fully embed outcome focused regulation within its supervisory processes in 2009/10, with the support of its dedicated Retail Conduct Risk Division. For some, despite the deadline passing, there is ongoing effort to ensure TCF has been fully embedded throughout the organisation and evidence gathered to demonstrate improved consumer outcomes are being delivered.
It has become evident that TCF has become ever more important in light of the current economic environment with a reduction in consumer spending and greater scrutiny by consumers in ensuring that they get value for money from their choice of financial services and products, not only in terms of cost, but in terms quality of service and overall customer experience which will include fairness factors.
Those firms able to deliver on this to both existing and new consumers are likely to perform better in these more challenging times as improved outcomes for consumers leads to greater customer loyalty and retention and attracts new customers.
Deloitte has an experienced team of professionals who have been supporting a range of financial services organisations over the years on many different aspects of TCF.
Our flexible, independent and objective approach can support you to: